Gregory PERSONS WITHIN middle and upper class income levels should consider sources other than the Students' Loan Bureau (SLB) for financing further studies, as funds provided by the Bureau are only for the needy, said Robert Gregory, chairman of the Board.
Mr. Gregory pointed out that over the last ten years the economic cost of tertiary level education had increased significantly and that with the introduction of the cost-sharing system, students now have to pay up to 20 per cent of the cost in the form of tuition. The increase in enrolment levels within the expanding tertiary level education sector, he said, had also added to the demand for the limited funding available from the SLB.
The SLB chairman, who was speaking at a January 19 function at the Terra Nova Hotel, said that the current loan scheme was different from that of years past when everybody who applied was granted a loan. He noted, however, that in keeping with its current mandate, the Bureau ensured that no eligible qualified Jamaican student was denied a tertiary education because of financial constraints. Eligibility for loans from the Bureau, he said, was now largely determined by the applicant's socio-economic status.
In order to ensure transparency and objectivity, Mr. Gregory pointed out that candidates for loans were selected using a highly automated process where a means test was applied based on data provided by the applicants.
"A means test was adopted to assess family size vis-a-vis family income to determine the per capita available resources measured against a defined threshold to determine eligibility," explained Mr. Gregory.
He stressed that the Bureau would not consider applicants whose families per capita income exceeded this threshold. Recognising that certain circumstances could cause a change in an applicant's financial status, the SLB chairman added that the Bureau had implemented appeals process to address such cases.
Mr. Gregory noted that since its restructuring exercise in 1996, the SLB had disbursed over 23,000 loans for the amount of $1.191 billion. For the same period, the Bureau also disbursed over 10,000 Grants-in-Aid valued at $261 million. He explained that the Grant-in-Aid was an additional amount provided by the Government to assist the 'neediest of the needy' or persons who were considered to be unable to attend school notwithstanding the fact that they had received a loan to assist with tuition.
